Samsung E&A's headquarters / Courtesy of Samsung E&A

Samsung E&A said Friday its annual operating profit for 2024 is estimated to have dropped 2.2 percent on-year but managed to beat its annual target.

The builder's operating profit for last year was estimated at 971.6 billion won ($666.2 million) on a consolidated basis, compared with 993.1 billion won a year ago, the company said in a regulatory filing.

Annual sales decreased 6.2 percent to 9.96 trillion won. The data for net income was not available.

The company, formerly known as Samsung Engineering, noted it surpassed its annual operating profit target of 800 billion won, underscoring strong performance despite challenging market conditions.

In the fourth quarter alone, operating profit reached 295.8 billion won, up 9.6 percent from the same period last year.

A Samsung E&A official attributed the solid performance to the company's focus on profitability and operational efficiency.

"Improvements in key chemical engineering projects were achieved through differentiated execution systems and cost management centered on profitability," the official said.

The company will release its final earnings report later. (Yonhap)